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In the first three months of 2026, the United States’ six biggest banks collectively generated $47.4 bn in net profit, edging close to the $50 bn mark. The earnings surge reflects a sharp rise in trading activity as market participants scrambled for safety after the US‑Israeli offensive against Iran sparked a wave of volatility. Bank of America and Morgan Stanley led the pack with profit jumps of 17% and 30% respectively, while Goldman Sachs posted a 19% increase. JPMorgan Chase reported a 13% rise to $16.5 bn, Citi posted a striking 42% jump to $5.8 bn, and Wells Fargo added a modest 7% gain to reach $5.3 bn. Chief Executive David Solomon of Goldman Sachs described the results as a “very strong performance … even as market conditions became more volatile,” noting that the shift in client behavior toward cash‑preserving strategies boosted fee‑based trading revenue. Meanwhile, Bank of America’s CEO Brian Moynihan cautioned that the board remains “watchful of evolving risks,” acknowledging the broader uncertainty surrounding the Middle‑East conflict. The conflict has disrupted tanker traffic through the Strait of Hormuz, pushing energy prices higher and feeding inflationary pressures. The International Monetary Fund responded by trimming its 2026 US growth forecast by 0.1 percentage points to 2.3%, warning that a deeper escalation could trigger a global recession, especially for net energy importers and developing economies. Higher borrowing costs and inflation expectations have dampened demand for loans and mortgages, potentially curbing future investment‑banking fees tied to mergers and acquisitions. Yet, the immediate impact on trading desks has been lucrative, prompting banks to return cash to shareholders. JPMorgan set a quarterly record with a $8.3 bn share‑buyback, Bank of America followed with $7.2 bn, Citi spent $6.3 bn—its biggest buyback in two decades—while Goldman, Wells Fargo and Morgan Stanley allocated $5 bn, $4 bn and $1.8 bn respectively. Analysts view the earnings surge as a short‑term windfall that may not be sustainable if the geopolitical tension persists. Prolonged conflict could suppress corporate earnings, reduce merger activity, and ultimately erode the trading‑driven profit model that has underpinned this quarter’s success.

Kevin Warsh, a former Federal Reserve governor nominated by President Donald Trump to replace Jerome Powell, has filed ethics disclosures showing personal assets well above $100 million. If confirmed, he would become the wealthiest central‑bank leader in U.S. history. The 69‑page filing, released on Tuesday, lists two private‑fund investments each valued at over $50 million in the Juggernaut Fund LP, plus $10.2 million in consulting fees from the investment office of Wall Street titan Stanley Druckenmiller. Many holdings are described only in broad categories because “pre‑existing confidentiality agreements” prevent full disclosure; Warsh has pledged to divest these assets should his nomination be approved. Federal Reserve ethics rules, tightened in 2022, prohibit officials and their families from owning bank stocks, crypto‑related assets, and impose strict limits on buying and selling securities. The Fed’s own standards, set by the Federal Open Market Committee, are stricter than those governing other federal employees. Beyond the large private‑fund stakes, Warsh’s disclosures reveal a portfolio concentrated in emerging sectors such as artificial intelligence and cryptocurrency. Notable entries include the robotic‑coffee‑bar platform Cafe X, wearable‑tech firm Cionic, an Ethereum layer‑two project dubbed “Blast,” and a reversible male‑contraceptive solution called Contraline. Details for many of these positions are omitted, again citing confidentiality. The filing also enumerates assets held by Warsh’s spouse, Jane Lauder—a member of the Estee Lauder family with an estimated net worth of $1.9 billion. Her holdings feature municipal bonds listed simply as “over $1 million.” Liabilities appear modest in comparison: a 2015 mortgage of up to $5 million with JPMorgan Chase at a 2.75% rate, a revolving credit line of up to $5 million from PNC Bank at roughly 6%, and a $1.95 million capital commitment to THSDFS LLC, an interest Warsh has also pledged to divest. Ethics analyst Heather Jones of the Office of Government Ethics confirmed that Warsh’s divestiture promises would bring him into compliance with the Ethics in Government Act. Nonetheless, the breadth of undisclosed holdings is likely to dominate his upcoming confirmation hearing, scheduled for April 21. Political dynamics add further uncertainty. A key Republican senator has signaled intent to block Warsh’s confirmation until a Department of Justice investigation into Powell’s oversight of Fed‑headquarters renovations concludes. Although a federal judge recently dismissed two subpoenas targeting Powell—citing a perceived attempt to pressure him on interest‑rate policy—the Justice Department plans to appeal, potentially delaying any Senate vote. Powell has indicated he will remain “pro tem” if Warsh is not confirmed by the end of his term on May 15, and he could retain his governor seat until 2028 if he chooses.

In a tense showdown at Wembley, England’s women’s national team edged past Spain 1‑0 to keep their World Cup qualifying campaign flawless. Lauren Hemp opened the scoring in the third minute, a strike that set the tone for a match defined by English resolve. Coach Sarina Wiegman entered the game with a clear plan: abandon possession‑heavy play and adopt a compact low‑block to frustrate Spain’s technical superiority. Captain Keira Walsh echoed this approach, noting that “you can’t go toe‑to‑toe with Spain for possession”. The strategy paid off as England held the ball for only 36.7% of the time, yet limited the visitors to 21 chances, just three of which were on target. Defensively, England were razor‑sharp. The side recorded 21 tackles with a 61.9% success rate, and the newly‑formed partnership of Lotte Wubben‑Moy and Esme Morgan kept the Spanish attack at bay. Goalkeeper Hannah Hampton cemented the clean sheet with a world‑class save from Edna Imade’s close‑range header, preserving the lead. Beyond Hemp’s early goal, the attacking trio of Lauren James on the left and Lucy Bronze on the right added width and defensive cover, showcasing the squad’s evolution since last year’s goalless draw. While Wiegman admitted the team “could have been higher up the pitch”, she praised the collective effort that made Spain uncomfortable once the English side entered the opponent’s half. The victory propels the Lionesses to the top of their qualifying group with three wins from three games and a healthy goal difference. A return fixture in Mallorca in June now looms, but England have already secured a psychological edge.

Jamie Dimon, the CEO of JP Morgan, has stated that a potential downturn in the $3tn private credit market would not pose a significant threat to the stability of major banks. According to Dimon, while there are areas of weakness in the unregulated private credit industry, it does not present a 'systemic' risk to the financial system.Dimon made these comments during an earnings call on Tuesday, where he also noted that the actual credit quality had not deteriorated significantly, with only 'pockets' of weakness. He emphasized that very large losses in private credit would be needed before major banks were affected.The private credit market has faced growing concerns over potentially risky loans arranged by firms that lend to companies using investor money, outside the traditional regulated banking system. This has led to a multibillion-pound surge in withdrawals from some private credit funds, such as Blue Owl, which have had to cap the amount of money clients can withdraw.Despite these concerns, Dimon expressed that he is 'not particularly worried' about the impact on major banks. JP Morgan reported a 13% jump in first-quarter profits to $16.5bn, with revenues rising 10% to $49.8bn.

HSBC’s chief executive, Georges Elhedery, told Bloomberg Television at a conference in Hong Kong that the ongoing Iran war is undermining global economic confidence. He warned that the conflict’s duration could amplify price pressures on commodities such as oil, refined products, fertilisers and metals, extending the impact far beyond the Middle East. Brent crude, which had briefly risen above $100 per barrel, slipped 0.9% to $98.5 per barrel after a U.S. blockade of Iranian ports took effect. Negotiations between the United States and Iran are set to resume in Islamabad, but no agreement was reached in the previous talks. In London, the FTSE 100 edged up 22 points (0.21%) to 10,605, even as Imperial Brands led the losers, citing a “more uncertain geopolitical and macro environment.” The UK recruitment firm PageGroup warned that the Middle East conflict is creating an “increasingly uncertain outlook” for the rest of the year, with salaries lagging behind 2022‑2023 levels across the UK, Europe, the Middle East and Asia. HSBC holds a 31% stake in Saudi Awwal Bank, making it one of the European banks most exposed to the region, which contributes roughly 4% of its pre‑tax profit according to JP Morgan analysts. Nevertheless, Elhedery noted that capital outflows from the Middle East have been “very benign” so far. Since the U.S. and Israel began striking Iran on 28 February, some affluent Middle‑Eastern investors have started exploring relocation to financial hubs such as Singapore and Hong Kong. HSBC chair Brendan Nelson stressed that a peace settlement is essential to restore global energy flows, warning that prolonged disruption would lift inflation and suppress growth. “The longer the disruption continues, the more the indirect effects from higher energy costs will lift inflation and depress growth,” he said at the HSBC Global Investment Summit. Manufacturers reliant on petroleum‑derived synthetic fabrics, such as sportswear maker Castore, reported cost increases of 10‑15% and warned that continued conflict could push those costs onto consumers. Co‑founder Tom Beahon described price volatility as “very difficult to plan,” with daily swings of up to 40%. Logistics are also strained: airlines have reduced flights and vessels remain stranded in the Strait of Hormuz, complicating product shipments. Castore hopes that a resolution in the coming weeks will limit the impact on customers. Virgin Atlantic chief executive Corneel Koster told the Financial Times that jet‑fuel prices have more than doubled since the war began, adding that “some of this disruption to global energy prices will be here to stay.” UK Chancellor Rachel Reeves, speaking at the IMF and World Bank spring meetings, called for coordinated economic action, stating that the Iran conflict must become “a line in the sand” for how the world handles crises and instability.

‘Departures’ arrives in UK and Irish theatres on 17 April, offering a sharply observed portrait of a man navigating the aftermath of a breakup. The story centers on Benji, a thirty‑something who, after parting ways with his charismatic trainer Jake, plunges into a haze of parties, substance use and fleeting encounters in an attempt to dull the ache of lost love. The film tackles weighty subjects—body‑image insecurity, familial rejection and the pressures of toxic masculinity—yet it avoids sentimentality by leaning into a darkly comic tone and a poppy visual palette. Its elliptical editing stitches together present‑day self‑destruction with fragmented memories of Jake, creating a nonlinear rhythm that mirrors the disorienting experience of a broken heart. Ey​re‑Morgan not only co‑writes and co‑directs but also embodies Benji, delivering a performance that feels both self‑deprecating and raw. His on‑screen chemistry with David Tag’s Jake provides the emotional anchor of the film, allowing the audience to glimpse the genuine connection that fuels Benji’s subsequent turmoil. Despite its strengths, the movie leans heavily on voice‑over narration, which at times hampers momentum, especially during emotionally charged scenes. The tendency to verbalise feelings rather than let the cinematography speak can feel redundant, and the multiple flashbacks occasionally drift into over‑exposition. Overall, ‘Departures’ stands as a thoughtful exploration of love, identity and the search for authenticity, while also showcasing the burgeoning talent emerging from northern England’s film scene.

Rising energy costs stemming from the Iran war are set to deliver a sharp blow to British living standards, with the Resolution Foundation estimating that the average working‑age household could lose about £480 in income this year. Before the conflict began, the think‑tank projected a modest 0.9% rise in household earnings. Market‑driven energy price spikes have now pushed that forecast into a -0.6% decline, effectively turning a gain into a loss. Oil and gas markets have reacted dramatically: Brent crude has surged back above $100 per barrel (£74), while analysts such as JPMorgan Chase expect prices to stay elevated through the current quarter, with Goldman Sachs revising its Brent outlook to an average of $90 per barrel in Q2. For the poorest fifth of households, the outlook is equally grim. Expected income growth has been trimmed from 2.8% to 1.2%, despite a long‑overdue real‑terms increase in benefits for some low‑income families. Families with three or more children stand out as a relative bright spot. The abolition of the two‑child limit is projected to generate a 7.7% income boost for this group, contrasting with zero growth for poorer families with fewer children. Energy bills are also poised to climb this summer, erasing the £117 average savings households enjoyed after the regulator lowered the energy price cap in April, according to Jonathan Marshall, the foundation’s principal economist. In response, the Resolution Foundation is urging the UK government to fast‑track a social tariff before winter, aiming to shield the most vulnerable households from the worst of the price shock. James Smith, chief economist at the foundation, warned that “while hopes for sustained peace persist, the path of this conflict remains uncertain and energy prices stay well above pre‑war levels, meaning many households face a decline in purchasing power this year.” He added that “de‑escalation is welcome, but the damage to household finances is already largely done; the government should act now to prepare a social tariff that reaches households falling through the cracks this winter.”

Oil prices jumped back above $100 a barrel and global stocks fell after weekend talks between the US and Iran ended without an agreement and Donald Trump imposed a blockade of the Strait of Hormuz. The US president announced the blockade on Sunday, targeting Iranian vessels and ships that have paid a toll to Iran for passage through the strait, in an attempt to choke off the flow of Iranian oil.US Central Command said it would start at 10am ET (5.30pm in Iran and 3pm in the UK), blocking all Iranian Gulf ports and coastal areas, in effect seizing control of maritime traffic in the Strait of Hormuz. The news drove oil and gas prices sharply higher again, after the two-week ceasefire between the US and Iran announced on Wednesday prompted a sharp fall in energy prices, and crude ended the week below the psychological $100 a barrel threshold.Brent crude rose by nearly 7% to $101.74 a barrel on Monday morning, while US crude is up more than 8% to $104.69 a barrel. Gas prices also increased, with the British wholesale gas contract for May soaring by 11.7% to 122.5p a therm. Analysts at JPMorgan Chase said last week they expected oil prices to stay high in the second quarter, above $100 a barrel, before easing in the second half of the year.Most Asian stock markets fell on Monday, with Japan’s Nikkei down 0.7% and Hong Kong’s Hang Seng index losing 1%, while Chinese stocks rose slightly. Sentiment was helped by Beijing’s announcement of a 10-initiative strategy aimed at deepening ties with Taiwan. European stocks also fell, led by airlines including Lufthansa, Wizz Air, easyJet and British Airways parent IAG. The FTSE 100 index in London lost 0.4%, dropping 45 points to 10,555. Germany’s Dax fell 1%, Italy’s FTSE MiB slipped 0.7% and Spain’s Ibex was down 1.1%. With oil and gas prices rising sharply higher, energy companies such as BP and Shell are rallying.Priyanka Sachdeva, senior market analyst at the broker Phillip Nova, said: “In today’s environment, every barrel of risk added to oil markets carries an inflation price tag for the global economy.” She added: “The market reaction underscores a simple but powerful reality: Hormuz risk is not theoretical; it is structural, and it is real.”Interest rate expectations have shifted again; investors now see an 84% chance of two rate increases from the Bank of England this year to tackle rising inflation, up from 60% on Friday. Before the Iran war, the central bank was expected to cut rates. The price of gold fell 0.4% to $4,730.75 an ounce as the blockade fuelled inflation concerns, prompting traders to scale back expectations for Federal Reserve rate cuts this year.

Nottingham Forest and Aston Villa played out a 1-1 draw at the City Ground, a result that significantly boosts Forest's chances of avoiding relegation. Neco Williams's low strike cancelled out Murillo's own goal, securing a precious point for Forest.The match was marked by Villa's dominance, with Morgan Rogers and Ollie Watkins missing clear chances to score. Forest goalkeeper Matz Sels made crucial saves, including one from Ross Barkley's low shot. The draw moves Forest three points clear of the relegation zone.Despite Villa's pressure, Forest's defense held firm, with Matty Cash seeing an effort blocked late in the game. The result comes as a relief for Forest, who could have faced a more challenging situation had they lost.The draw also highlights Villa's inconsistent form, as they failed to capitalize on their chances. Unai Emery's side now looks to their upcoming Europa League semi-final against Forest.